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COLUMBUS — The state of Ohio is sitting on $1.5 billion in unclaimed funds belonging to 4.5 million people, including $1.7 million belonging to one unknown Ohioan.
State Commerce Director David Goodman is encouraging Ohioans to check for their names in the online database of unclaimed funds to see if they are among those who let bank accounts go dormant, forgot utility or rent deposits, didn’t receive stock certificates or forgot to pick up a last paycheck.
The unclaimed fund, set up by law 30 years ago this month, establishes the state as the custodian for these long lost dollars. The average payout is $900, but there are five accounts with more than $500,000 in them.
Between July 1 and Dec. 31 last year, the state paid 29,500 claims, which is a 34 percent increase over the same period the previous year. Goodman attributed the jump to an aggressive outreach campaign.
While the state holds the money, the funds generate interest for the rightful owner. In 2009, the Ohio Supreme Court declared unconstitutional a 1991 law allowing the state to grab the interest earned.
Goodman said it’s rare for people to step forward after an account has been unclaimed for 10 years or more, but Marilyn Caporini of Washington Twp. did just that.
Ten years ago, her son checked family members’ names in the database and discovered that she was owed nearly $18,000 from an employer account that dated back to 1983.
Caporini encourages Ohioans to check not only their own names, but those of friends and family too. News of the money came just days after Caporini had lost her job.
Ohioans may check the database and file a claim by visiting www.unclaimedfundstreasurehunt.ohio.gov
Contact this reporter at (614) 224-1624 or lbischoff@DaytonDailyNews.com.
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